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IPO guides · Reviewed 23 Oct 2026
IPO subscription is the number of shares bid for divided by the shares on offer. A 10x subscription means bids were ten times the shares available. It is tracked separately for QIB, NII and retail investors.
Qualified Institutional Buyers such as mutual funds and insurers. Their demand often arrives on the last day.
Non-Institutional Investors, including high-net-worth individuals bidding above ₹2 lakh.
Individuals bidding up to ₹2 lakh. This is the category most readers care about.
Higher subscription means more competition for shares, so allotment odds fall.
Subscription = total shares bid for ÷ shares offered in that category. If a retail category offers 10 lakh shares and receives bids for 50 lakh, it is 5x subscribed.
Each category is calculated on its own, so one category can be heavily oversubscribed while another is undersubscribed.
Institutional and large investors tend to bid late, so day-one and day-two numbers often understate final demand. Final figures are only known after the issue closes.
Subscription shows how much real demand there is; GMP shows what the unofficial market expects the listing price to be. Neither guarantees a listing outcome. They are inputs to your own research, not instructions.
General information, not investment advice. Rules set by SEBI, RBI and the exchanges can change, so confirm current limits with your broker or the offer document.